Phelan Energy Group has executed over €3 billion of solar Power Sales Agreements with major government owned international power utilities in the past 5 years. It is active with solar developments in 12 International markets, having 175 MW grid connected in South Africa, 250 MW under execution in Middle East and Asia and a pipeline greater than 500 MW in various global markets.
The Phelan subsidiary Solar Capital, earlier this month, signed a 20-year Power Sale Agreement with a total value of €565 million for an 86 MW solar PV farm in Loeriesfontein, South Africa. Under the agreement, the power will be sold directly to the national utility, Eskom, with a sovereign guarantee from the South African Government. Phelan will also extend its community development program in South Africa’s Northern Cape, where it will now spend over €19 million annually. This Phelan Team developed program leads local social and economic initiatives that support the local disadvantaged communities in healthcare, social upliftment, job creation and in entrepreneurship development projects.
Paschal Phelan, Chairman and sole owner of the Phelan Energy Group, points out that the opportunity for clean energy and solar has grown exponentially in the past 5 years. Bloomberg Clean Energy forecast that the installed capacity of solar power internationally, would grow five-fold over the next ten years. Phelan added; “The 20 fold drop in silicone prices together with significant improvement in electricity yields from solar cells has made solar power the lowest cost electricity source in countries with reasonable sunshine. This has fostered a highly competitive environment in manufacturing and production of solar technologies. Phelan Energy Group is a leader in the execution of these technological advances and in the installation of cost effective, grid connected solar farms on an international scale”
In India, PEG has commenced construction of a 70 MW farm located in Bhadla Solar Park with a PSA for 25 years with SECI, the solar power procurement arm of the Indian government for a total value of €125 million. Prime Minister Navendra Modi, called the Phelan winning bid, a ‘Historic Moment’ as the successful bid brought the price of solar electricity below that of coal power in India, for the first time.
The Phelan vision is to continue to achieve the lowest cost of solar energy in the world. We are extremely focused on the cutting-edge Technology, efficient Design & Project Management, together with a proprietary Cost to Power financial model, whilst at the same time delivering high quality long-term plant performance.
Phelan added: “We have decided to relocate our International Headquarters to Dublin, to benefit from the large talent pool of determined, ambitious Irish youth, together with the opportunity to develop a base of competitive International Green Finance, for an international renewable energy market that requires funding of over €7 trillion in the next 20 years”.